Bidding strategy design for different types of electric power market participants

This paper presents a methodology to design an optimal bidding strategy for a generator according to his or her degree of risk aversion. A typical thermal plant is assumed to be located in the Ontario electricity system to apply this methodology for two types of participants: risk averse and risk seeker.

[1]  J. W. Lamont,et al.  Strategic bidding in an energy brokerage , 1997 .

[2]  G. Sheblé,et al.  Genetic algorithm evolution of utility bidding strategies for the competitive marketplace , 1998 .

[3]  Daniel Ashlock,et al.  Comprehensive bidding strategies with genetic programming/finite state automata , 1999 .

[4]  Haili Song,et al.  Decision making of an electricity supplier's bid in a spot market , 1999, 1999 IEEE Power Engineering Society Summer Meeting. Conference Proceedings (Cat. No.99CH36364).

[5]  P. Luh,et al.  Optimization based bidding strategies in the deregulated market , 1999, Proceedings of the 21st International Conference on Power Industry Computer Applications. Connecting Utilities. PICA 99. To the Millennium and Beyond (Cat. No.99CH36351).

[6]  Haili Song,et al.  Optimal electricity supply bidding by Markov decision process , 2000 .

[7]  Strategic bidding under uncertainty in a competitive electricity market , 2000 .

[8]  Y.-Y. Hong,et al.  Bidding strategy based on artificial intelligence for a competitive electric market , 2001 .

[9]  A. David,et al.  Optimal bidding strategies and modeling of imperfect information among competitive generators , 2001 .

[10]  A. David,et al.  Optimally co-ordinated bidding strategies in energy and ancillary service markets , 2002 .

[11]  Gaofeng Xiong,et al.  An electricity supplier bidding strategy through Q-Learning , 2002, IEEE Power Engineering Society Summer Meeting,.

[12]  F. Nogales,et al.  Price-Taker Bidding Strategy under Price Uncertainty , 2002, IEEE Power Engineering Review.

[13]  Xiaokai Wang,et al.  Bidding strategies based on bid sensitivities in generation auction markets , 2002 .

[14]  C. Rodriguez,et al.  Energy price forecasting in the Ontario competitive power system market , 2004, IEEE Transactions on Power Systems.